Scilex (NASDAQ:SCLX) Shares Up 18% – Here’s What Happened

Scilex Holding Company (NASDAQ:SCLX)’s stock price shot up 18% during trading on Wednesday . The company traded as high as $7.14 and last traded at $6.94. 181,911 shares traded hands during trading, an increase of 64% from the average session volume of 110,687 shares. The stock had previously closed at $5.88.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Scilex from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has an average rating of “Sell”.

Scilex Price Performance

The company’s 50-day moving average price is $7.20 and its two-hundred day moving average price is $9.63. The company has a market capitalization of $58.92 million, a price-to-earnings ratio of -0.17 and a beta of 1.70.

Scilex (NASDAQ:SCLX) last posted its quarterly earnings data on Wednesday, May 20th. The company reported ($4.76) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($4.42). The firm had revenue of $8.61 million during the quarter, compared to analysts’ expectations of $15.00 million.

Hedge Funds Weigh In On Scilex

Institutional investors have recently made changes to their positions in the stock. Armistice Capital LLC increased its position in Scilex by 622.2% in the 4th quarter. Armistice Capital LLC now owns 476,674 shares of the company’s stock valued at $5,815,000 after buying an additional 410,674 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Scilex by 31.2% in the first quarter. Goldman Sachs Group Inc. now owns 136,352 shares of the company’s stock worth $34,000 after acquiring an additional 32,449 shares in the last quarter. 683 Capital Management LLC bought a new position in Scilex in the fourth quarter worth approximately $333,000. XTX Topco Ltd acquired a new stake in Scilex in the fourth quarter valued at approximately $249,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Scilex by 100.7% during the fourth quarter. Renaissance Technologies LLC now owns 38,464 shares of the company’s stock valued at $469,000 after acquiring an additional 19,300 shares in the last quarter. Institutional investors and hedge funds own 69.67% of the company’s stock.

About Scilex

Scilex Holdings, Inc (NASDAQ: SCLX) is a specialty pharmaceutical company focused on non-opioid treatments for chronic pain. The firm’s principal commercial product, ZTlido®, is a lidocaine topical system approved by the U.S. Food and Drug Administration for the management of post-herpetic neuralgia and certain peripheral neuropathic pain conditions. By leveraging a proprietary drug delivery platform, Scilex aims to improve patient comfort and safety compared to traditional oral analgesics.

In addition to marketing ZTlido® in the United States, Scilex is advancing other pain management assets through clinical development and regulatory pathways.